Commercial Bank Collaborates With Fuze for UAE’s Crypto Market Development
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Commercial Bank International has announced its collaboration with Fuze, a provider of digital asset infrastructure. The two firms aim to develop and explore digital assets products within the United Arab Emirates.
The collaboration signifies a major step forward in developing novel cases for digital assets and blockchain technology. The two firms set to provide a wide range of digital assets and blockchain products to enhance cryptocurrency use in the United Arab Emirates.
Both Parties Want to Enhance the Fast-Growing Digital Assets Environment
Commercial Bank’s Strategy and Innovation Officer, Giovanni Everduin commented on the recent partnership. He stated that both firms will be able to explore many new digital assets use cases. They aim to utilize these cases for personal finance and business purposes.
He spoke further, revealing that the partnership will provide customers with good chances to obtain and utilize digital assets in a regulated environment. This will be according to the UAE’s virtual assets regulations.
The Fuze and Commercial Bank collaboration aims to enhance the fast-growing digital assets environment. Both companies plan to utilize regulatory frameworks and technologies to enable financial inclusivity. They also want to supercharge the digital revolution of the nation’s financial sector.
Dubai’s Cryptocurrency Space Experiences Significant Growth
The crypto ecosystem in Dubai is experiencing significant growth. A survey carried out last year by KuCoin revealed that the crypto ecosystem of the United Arab Emirates has significantly improved. Although it is faced with trust and volatility issues, it keeps souring.
About 29% of those who responded to the survey revealed that they use crypto as a means of storing assets. This poses a challenge to traditional banking firms. Additionally, 22% use it for daily transactions, while 12% use it for international payments because of its versatility and practicality.
A report reveals that 59% of those using cryptocurrencies consider it a reliable method of investment. This shows how valuable crypto has become. Furthermore, 11% use it to combat inflation, while 35% use it as a diversification tool.
Crypto users within the United Arab Emirates pick security as their main focus before investing. Many users reveal that they choose crypto because of its high security. Users also consider Customer support and Brand reputation while venturing into Cryptocurrencies.
Bitcoin is still the most invested cryptocurrency chosen by 72% of crypto investors, while 52% choose Ethereum. The country’s beneficial position, with robust infrastructure, global networks, access to funding, and favorable regulations, increases its status as a developing center for cryptocurrencies.
